Trusts are a way of ensuring that your money and assets are used in line with your wishes, often at a time when you may no longer be able to articulate how you would like them to be used.
There are a number of scenarios in which you may consider setting up a trust:
For example, you may want to ensure that your money or assets are used to look after you and your needs in a particular way when you can no longer look after yourself.
Or maybe you want to ensure that, on your death, your money is used to support a relative, who for whatever reason is unable to manage their money and affairs themselves (perhaps they are too young, or are incapacitated).
You can use a trust to pass on assets whilst you’re still alive or pass on assets when you die, ‘a will trust’.
A trust is a legal arrangement where one or more people or a company (‘the trustees’) control money or assets for the benefit of one or more people (‘the beneficiaries’) in line with the wishes of the person who set up the trust (‘the settlor’).
There are a wide variety of trusts available, depending on your objectives, each with differing tax liabilities.
A good place to find out more about trusts is https://www.gov.uk/trusts-taxes
Do contact us if you’d like a free, no obligation conversation about trusts with one of our Financial Advisers.
We will take some time to understand your objectives and can start the process of selecting and setting up the right trust for you and your family.